Mumbai, July 24 (IANS) One of country's largest paint-makers, Asian Paints, while announcing its corporate earnings on Wednesday, said that certain segments of its business were affected by severe slowdown being witnessed in the automobile industry.
"The automotive coatings JV (PPG-AP) business was effected by the severe slowdown being witnessed in the automobile industry. Even the industrial coatings JV (AP-PPG) business was impacted by demand slowdown," the company said in a statement.
However, it added that benign raw material prices supported the margins for the entire coatings business while its decorative business segment in India registered a high double digit volume growth.
On Wednesday, Asian Paints reported a 17.70 per cent rise in its June quarter profit to Rs 655.44 crore from Rs 556.85 crore during the like period last year.